Boeing, the aerospace giant, is laying off 10% of its global workforce, approximately 17,000 employees, in a bid to cut costs and streamline operations. CEO Kelly Ortberg attributed the layoffs to financial challenges and the need to enhance competitiveness.

Boeing plans to cut 10% of its workforce. Employees learn their fate Wednesday. Non-frontline workers are targeted, though engineering and production won't be exempt.

Boeing started issuing layoff notices Wednesday to 17,000 employees to cut 10% of its workforce in an effort to shore up the aerospace giant's shaky finances.

Boeing is navigating these cuts amid lingering challenges, including a recent decline in production following a major incident in January and a seven-week strike that paralysed its operations.

Boeing sending out the Worker Adjustment and Retraining Notification (WARN) in mid-November was widely expected